HomeBlockchainGalaxy Interactive raises another $325M fund aimed at metaverse and next-gen games

Galaxy Interactive raises another $325M fund aimed at metaverse and next-gen games

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Galaxy Interactive raises another $325M fund aimed at metaverse and next-gen games

Galaxy Interactive, a venture capital firm focused on next-generation interactive technology, has announced it has raised $325 million for its second fund from 70 different investors.

The fund is focused on virtual and augmented reality, artificial intelligence and blockchain-based games.

In a Tuesday announcement, Galaxy Digital, the majority owner of Galaxy Interactive, stated that $150 million from the fund has already been allocated to new portfolio companies, including Republic, 1047 Games, Elodie, Roar, Art Blocks and Masterworks, with other additional investments to be announced in coming months.

Established in 2018 by general partners Sam Englebardt and Richard Kim, the company now has more than $650 million in assets under management and has invested in more than 75 companies.

Englebardt describes the interactive sector as “the intersection of content, finance and tech” and believes it will drive considerable growth. The firm is notably focused on digital collectibles and building a metaverse, as Englebardt believes digital ownership via nonfungible tokens (NFT) is a foundational pillar for a more immersive version of the internet.

Mike Novogratz, founder and CEO of Galaxy Digital, said the two general partners had seen the potential of the sector very early on:

“They [Englebardt and Kim] were the first people to pound my desk, insisting that gaming and digital objects — which weren’t even called ‘NFTs’ yet — would provide the biggest opportunity for blockchain technology to scale and that Galaxy Digital needed to specialize in this space.”

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Money is flowing into the sector, with Bitkraft Ventures, one of the biggest investors in gaming and esports startups, launching a $75-million token fund earlier this month focused on blockchain gaming and digital entertainment.

Outside of interactive content, reports surfaced on Wednesday that Multicoin Capital intends to have raised $250 million by the end of 2021 for a third venture fund aimed at crypto startups.

In June, Andreessen Horowitz raised its third crypto fund, at a $2.2billion valuation, making it the biggest-ever crypto venture fund.